Financial assets of South African households grew by 12.3% in 2017‚ the fastest increase in four years and almost three times the pace of the year before.
These statistics are contained in the ninth edition of the Allianz Global Wealth Report‚ which also stated that liabilities for South African households increased by 5.1% in 2017‚ broadly in line with last year's average.
The report analyses the asset and debt situation of households in more than 50 countries. The report said as a result‚ the debt ratio of households in South Africa remained at 45%.
It said in the last ten years‚ the debt ratio declined by almost 10 percentage points as a result of improved debt discipline of South African households. However‚ the country's debt ratio still stood considerably above the emerging countries average of 37%.
The report said with net financial asset per capita of EUR 7.770 (R131‚031) South Africa came in 37th on the list of the richest countries‚ rising one rung over the previous year and swapping places with Bulgaria.
